ECO 1002 Lecture 27: ECO 10.1
Document Summary
Value of all final goods and services produced in a country. Per capita gdp is a basic measure of living standards: economic growth. For most of human history, the average person"s life was one of subsistence living. No sustained economic growth occurred between 1,000,000 b. c. and 1300. There were global variations noticeable around 1700, but everyone was still very poor. Industrial revolution: rapid technological progress outpaced population growth. Economic growth over time and around the world. Industrial revolution the application of mechanical power to the production of goods, beginning in england around 1750. Following the industrial revolution, other countries in addition to england, such as the. United states, france, and germany, experienced long-run economic growth, with sustained increases in real gdp per capita that eventually raised living standards in those countries to the high levels of today. The most important growth rate we consider. Change in average person"s income, adjusting for price changes.
